Does Personal Finance Coaching Really Work?

mission statementI am asked all the time does personal finance coaching really work? Take a look at our most recent testimonial.

“We’re very grateful everyday for Justin’s willingness to help us. We want to express our gratitude to him for his hard work and confidence in us. We realized that in order to get the results we wanted; we needed to follow the advice given and be committed. Before we met with Justin…we were to the point of financial failure. We had recently bought a brand new Jeep (to add to our debt). We were behind in our monthly payments; $2,000 debt on our son’s monument, huge credit card debt, medical bills and we had no savings (with a few dollars in the checking account).

After meeting with Justin and being honest with him; as well as to ourselves, we realized it was time to listen to someone else that had a proven system. Since, our first meeting with Justin, we’ve sold our camper, settled with the bank and returned our Jeep, figured out a way to pay off our son’s monument, bought a car for $2,150, set up our emergency fund of $1,000, we’ve eliminated $6,000 in debt and have been able to pay cash for the three times we have had to take our vehicles to the shop.

Doing a budget each month has been the best thing for us and our family. We found out it doesn’t matter how much money you make, doing a budget and following Dave Ramsey’s baby steps are key. We were referred to Justin at just the right time. Committing to God, listening to Justin and the both of us working together saved our finances and helped our marriage. We still have a long ways to go but we are committed to be DEBT FREE! We our living proof that if you have any debt and/or have a broken budget, call Justin at Strong Tower Counseling.”

Kevin & Becky Metzger – State Center, Iowa

Financial Literacy at WorkChanging lives through financial education at the workplace.
Below is an interview conducted with a business leader about financial training at the workplace. The results speak for themselves.

If you are considering having a financial wellness program for your employees, I welcome you to read this interview from a business leader that has invested his company’s time and dollars in such a program.

What was the thought behind offering a financial wellness program for your employees?

“Financially stable employees are happier, healthier, more productive and less likely to move on. And, just as in health wellness, financial wellness is a learned behavior that many of us were never taught. So, I was looking to protect my employees and the company by giving them training and tools to make smart decisions that will make them happier and more content, while also differentiating us as an employer with exceptional commitment to its people. This year brought a unique situation that made personal finance training critical. With the economy poised to emerge from the recent recession, wages are unlikely to keep up with inflation while, at the same time, job opportunities are likely to rise. If we successfully train our employees to manage their money rather than the other way around, fewer will find themselves in financial despair and feeling forced to look elsewhere for a few extra dollars. It’s a true win-win situation; higher productivity, lower turnover, AND happier employees.”

How do you see having a financial wellness program giving you a return on investment (ROI)?

“Financial stress affects health, mental focus and family life. All of these have a direct negative impact on the bottom line. The mistakes that cost the most in the workplace are safety, absenteeism and mental errors – this training attacks a major root cause of all three. I expect to see improved productivity, sustained focus on safety and the task at hand, and lower employee turnover.”

What are the results that you have seen up to this point?

“The training process itself is fantastic. It draws people from all levels of the organization together into a common conversation where we learn, not just from the material, but from each other. And, as a business manager I was amazed at how this program raised our understanding of basic financial principles that not only apply to our personal lives, but to business as well. Although we’re young in practice of the principles we’ve learned, I see less stress and more excitement in my people. And they’re talking – to each other, to their co-workers, to their families. They’ve realized, many for the first time that they can be in control of their financial situation. The behaviors and attitudes that lead to those results have improved dramatically in these first six weeks of classes.”

Why would you recommend Justin Bennett and Strong Tower Consulting to other business leaders considering financial wellness for their employees?

“The number one criteria to facilitate behavior modification are integrity. You have to be what you teach. This is followed very closely by passion. I’ve known Justin since moving to Iowa 5 years ago and he has consistently exemplified both, in spades. He has an excellent financial background and understands the pressures and practices of business, so he knows what he teaches and he delivers it in a way that draws you into the process on a very personal level. In preparing to offer the program, Justin and I spent many hours discussing why this was important to my business, exactly what I expected of the course (short and long term), and what resources were available to get it done. He then worked with me to tailor the schedule, class structure and cost elements to fill every need perfectly, well within budget. The bottom line is value. This program will pay off many times over in your business and in your employees’ lives.”

Dale L. Calendine, Plant Manager, Omnium – A Land O’Lakes Company

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Justin Bennett